19 September 2013
Post-Election Bounce Sets The Tone For The Spring Market Now that the element of political uncertainty has been removed, many economic indicators are headed upwards; the stock market has responded positively, consumer confidence is up and there´s talk that interest rates may go even lower in the lead up to Christmas to boost the retail sector. The property market is also performing well with clearance rates consistently tracking above 70 per cent. Last weekend was the first big test of market strength with 900 plus properties up for auction across Melbourne. The market didn´t falter and the REIV has reported a clearance rate of 76 per cent. As a result of strong buyer activity, median house prices in Melbourne are on the rise and prices are approaching 10 percentage points higher than what we saw at the bottom of the market last year. The call to action for buyers couldn´t be any more compelling: get in ahead of increasing prices. With all forecasts tipping a robust spring market and buyer and seller confidence rising sharply, competition at auction will continue to climb and that means prices will too. For professional, local advice about buying or selling your property, call us today.
Greg Hocking